Current Yield

Waiting for Godot—and the Fed

The Treasury market twitches as Fed watchers read the runes of the last FOMC meeting.

We may have finally reached a point where the Federal Reserve has absolutely nothing new to tell us about its bond-buying program, short of ending it. Yet financial markets continue to hang on the Fed's every word.

The one thing everybody's waiting to hear, of course, is exactly when the Fed will start dialing back its $85 billion monthly Treasury and mortgage-bond purchases. Such specificity will arrive only when the Fed finally concludes a near-future policy committee meeting by stating that tapering will start now,...